The S&P 500 has hit a 3-month high; shorts are looking to cover as the month closes out. As I've said before, it wasn't supposed to be this way; many big names-including big quant funds-were positioned short going into earnings season, under the assumption we would sell into the rallies in March and the first half of April.
Futures dropped as the first quarter GDP estimate, at down 6.1 percent, was well below expectations of down 4.7 percent. However, the downside impact has been limited because personal consumption was higher than expected.
Electronic Arts is seeing unusually heavy options activity ahead of its earnings report next week. The average options volume for the game software company is 9,370 for a full session, but more than 78,000 contracts have changed hands so far Tuesday.
Stock action in the last week of the month supports bull position. Remember the bull position: that the great decline in stock prices, combined with government support, along with economic news that will prove to be "less bad" as the months go on, is providing a floor under the stock market.
The Nasdaq is on pace for the biggest two-month gain since 2002. This technology laden index is also the only major index in positive territory year-to-date and was hugely responsible for leading the end 2000-2002 bear market. Why is tech suddenly so exciting? And how should you play it?
Art Cashin, UBS Financial Services director of floor operations, offered CNBC his take on Tuesday's market: The stress tests of the financials; the economic impact of Swine Flu; and yesterday's frightening public-relations error by the Air Force over the skies of NYC.
Citigroup is discussing its capital levels with the Obama administration — but the financial giant doesn't expect to need more government assistance, reports said Tuesday. But speculation continues to swirl around Citi and Bank of America. See David Faber's report here.
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GM unveils new models, hopes for strong sales this year After massive recalls, General Motors is pushing forward with new car models unveiled at the 2014 New York International Auto Show. CNBC's Phil LeBeau explains.
Friday, 11 Apr 2014 | 7:23 AM ET
Former Fed Chairman Ben Bernanke challenges Raghuram Rajan, Reserve Bank of India governor on his views about monetary policies, reports CNBC's Michelle Caruso-Cabrera.
Tuesday, 15 Apr 2014 | 5:40 PM ET
Jonathan Geller, BGR president and editor-in-chief, weighs in on the specifications for Amazon's newly announced 3-D smartphone.